2024 U.S. presidential elections: an event study for U.S. and non-U.S. fossil fuel and renewable listed firms

Martins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, Nuno; Martins, António; Sardinha, Luis

Publication

2024 U.S. presidential elections: an event study for U.S. and non-U.S. fossil fuel and renewable listed firms

2025-09Journal article

datacite.subject.fos	Ciências Sociais::Economia e Gestão
datacite.subject.fos	Ciências Sociais::Ciências Políticas
dc.contributor.author	Martins, António Miguel
dc.contributor.author	Albuquerque, Bruno
dc.contributor.author	Sardinha, Luís
dc.contributor.author	Moutinho, Nuno
dc.contributor.author	Martins, António
dc.contributor.author	Albuquerque, Bruno
dc.contributor.author	Sardinha, Luis
dc.date.accessioned	2025-12-16T10:02:40Z
dc.date.available	2025-12-16T10:02:40Z
dc.date.issued	2025-09
dc.description.abstract	This study examines the short-term market effect of Donald Trump’ victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study meth odology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not sta tistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not sta tistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms.	eng
dc.identifier.doi	10.1016/j.irfa.2025.104430
dc.identifier.issn	1057-5219
dc.identifier.uri	http://hdl.handle.net/10400.13/7505
dc.language.iso	eng
dc.peerreviewed	yes
dc.publisher	Elsevier
dc.relation	UIDB/00685/2020
dc.relation	UIDB/04007/2020
dc.relation	UIDB/04752/2020
dc.relation	UIDP/04752/2020
dc.relation.ispartof	International Review of Financial Analysis
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/
dc.subject	Abnormal returns
dc.subject	U.S. elections
dc.subject	Energy
dc.subject	Donald Trump
dc.subject	Event study
dc.subject	.
dc.subject	Faculdade de Ciências Sociais
dc.title	2024 U.S. presidential elections: an event study for U.S. and non-U.S. fossil fuel and renewable listed firms	eng
dc.type	journal article
dspace.entity.type	Publication
oaire.citation.title	International Review of Financial Analysis
oaire.citation.volume	105
oaire.version	http://purl.org/coar/version/c_970fb48d4fbd8a85
person.affiliation.name	Universidade da Madeira
person.familyName	Martins
person.familyName	Albuquerque
person.familyName	Sardinha
person.givenName	António
person.givenName	Bruno
person.givenName	Luis
person.identifier.ciencia-id	A812-2D8E-1BC9
person.identifier.orcid	0000-0001-7082-5460
person.identifier.orcid	0009-0000-8448-6826
person.identifier.orcid	0000-0002-6230-6027
person.identifier.scopus-author-id	6603814844
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